Catalyzed by the pandemic, the pharma industry quickly progressed from being digitally agnostic to a state of preparedness.
The shift required the industry to experiment with technology in its customer-facing plans, which resulted in many cases the creation of random acts of digital, often without a cohesive overarching strategy.
Can pharma do better? The answer lies in understanding the utility of their digital assets while building a mindset to transform, and ensuring that teams within the organization do not work at cross-purposes.
The life of the Pharma marketer has always been a juggling act (Two hands, Three balls, Endless Effect! A Lifetime of Performance) of managing multiple aspects with adept emotional and mental skill sets. All this, while trying to remain sane in a dynamic and confusing world. As the marketer takes time to make sense of his environment, he attempts to find answers to perennial marketing questions such as:
How is the campaign performing?
What are the new avenues to target customers?
Is the messaging, right?
Are the vendors on track with their deliverables?
Are metrics that we track insightful?
“If we look at major trends, people are living longer, on average, so there’s a rise in chronic diseases associated with aging. Meanwhile, healthcare workers are in short supply, and physicians and nurses do not have enough time for patients. Yet everyone has powerful computers in their pockets that give them access to technology, education, and information. Put all that together, and it’s the perfect moment for digital solutions to come to the market, change behavior, and enhance health outcomes at scale”
- Bozidar Jovicevic, Global head of Digital Therapeutics, Sanofi
The Indian Pharmaceutical Market (IPM) was valued at Rs. 10,278 crs in the month of September 2016 clocking a strong 10% growth over same period last year (SPLY). On a MAT September basis, the industry was valued at Rs. 111,022 crores and reflected a 13% growth with volumes contributing around 40% of this growth and New Introductions playing an important role with around 38% contribution to the overall growth.
The new sparkling DIME (Digi MarketEr) are the ones who embrace digital transformation with open arms and voraciously feed on data analytics to satisfy their performance outcomes with an informed business decision. The benefit of being DIME is that it propels data management out of the hands of individual stakeholders, and puts data sets with insights on to center glass table (Transparent workplace) for informed decision making.